Sharjah24 - AFP: The iconic Parisian department store Galeries Lafayette announced on Tuesday that Ginette Moulin, its primary owner, had passed away at the age of 98.
Moulin, who passed away on Sunday, was the granddaughter of Théophile Bader, co-founder of the Galeries Lafayette store established in 1894.
Family wealth and status
The net worth of Moulin and her family is estimated at 4.05 billion euros ($4.18 billion), placing her 34th on the list of France's richest individuals according to the magazine Challenges.
A legacy of leadership
Throughout her life, Moulin witnessed six generations of leadership at the Galeries Lafayette flagship store located in the Opera district of Paris.
Described as "a committed benefactor and a patron of artists," the Galeries Lafayette praised her belief in the power of culture and creativity.
Family history
Moulin's father, Max Heilbronn, was arrested in 1943 and sent to the Buchenwald concentration camp in Germany, where he befriended Etienne Moulin, who later married Ginette. The couple had three children.
Beyond its flagship store, the Galeries Lafayette group operates 56 outlets in France, with 18 managed directly and 38 run as franchises.
The shift towards online shopping, accelerated by COVID-19 restrictions, has negatively impacted Galeries Lafayette's business model, which relies heavily on in-store foot traffic.
Store closures and future plans
Due to ongoing losses, the group plans to close two stores in Marseille. In 2023, they also spun off the iconic Bazar de l'Hôtel de Ville (BHV) located near the Marais district.
Despite these challenges, the group expressed hope last year to restore sales volumes to pre-COVID levels.
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